Remedies

Question 1

Specific performance

Answer 1

Equitable remedy, only if legal remedy inadequate, rare (land, unique goods)

Question 2

Seller reclamation

Answer 2

Seller can reclaim good if buyer broke when receives within 10 days (can get beyond 10 days if buyer misrepresented ability to pay 3 month prior)

Question 3

Expectation Damages

Answer 3

Puts in position as if K had been performed

Question 4

Reliance Damages

Answer 4

Puts back in position if K had never been formed

Question 5

Restitution

Answer 5

Measured by benefit conferred

Question 6

Incidental Damages

Answer 6

Always recoverable if person mitigated damages

Question 7

Lost volume seller

Answer 7

Get back profit

Question 8

Laches

Answer 8

When a plaintiff fails to bring a claim in a timely fashion resulting in prejudice to the Def

Question 9

Is specific performance available in a service K?

Answer 9

No!!! Doesn’t make sense

Question 10

Reformation

Answer 10

Remedy ONLY when a writing incorrectly summarizes both parties understanding (not available when just fundamentally disagree on terms)

Question 11

In a sales K, when is the full price of the K available as a remedy?

Answer 11

1. When buyer accepts goods
2. Buyer returned & seller can’t find new buyer
3. Goods lost or damaged after risk passed to buyer

Question 12

When can a party get restitution?

Answer 12

ONLY when no binding K exists

Question 13

Damages for injured buyer in K for sale of land

Answer 13

K fair market value (when beech discovered) + any incidental or consequential damages